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Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?

Posted: Sat Apr 01, 2023 12:34 pm
by solo7100
Greetings,

My wife and I live and work here in Japan, I am American, she is Filipino. I’ve got a hefty life policy back in the states.

Questions for anyone who may be more experienced and knowledgeable than I:

1. If I pass, how can she get the payout (she’s named as a beneficiary, but she only has a bank account in Japan).
2. Would she be taxed once the money (somehow) gets over here? I heard of this gift tax, but I’d be “giving” it postpartum so….
3. Anything else I may be missing?

Just trying to take care of responsibilities and get our house in order. Thanks for any insight!

Re: Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?

Posted: Sat Apr 01, 2023 2:22 pm
by Tkydon
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Re: Life insurance in US + I die + wife in Japan gets payout in US dollars + send to Japan = tax implications?

Posted: Tue Apr 11, 2023 5:08 am
by solo7100
Thank you much, didn't know about the amounts regarding tax liability. We're good to go on that one. US Estate taxes on a non-US citizen heir is the next topic of discussion I need to have.

Thank again!